Bob Toevs, spokesman for the Douglas County-based satellite TV company, declined to comment about its next move beyond a statement saying Dish would look at a revised offer from SoftBank Corp. as the company considers “strategic options.”

SoftBank’s updated offer would be better for shareholders, but it would decrease the valuation of the company, said Gerard Hallaren, an analyst at Janco Partners Inc.

“The deal is better off for shareholders, there’s no doubt about that,” Hallaren said. “However, it puts a lower value on all of Sprint.”

Hallaren estimates Sprint would be valued at around $27.8 billion under the updated offer, down from $28.9 billion under SoftBank’s original offer. That’s because the deal would give Sprint shareholders a smaller stake in the new company.

In addition to providing more money to shareholders, the updated agreement would make it more difficult for Dish or other companies to make future bids.

Under the agreement, Sprint has to adopt a shareholder’s rights plan, referred to as a “poison pill,” by Monday
, according to filings with the Securities and Exchange Commission. The rights plan would prevent any company from owning more than 17 percent of Sprint.

The agreement also states that any future offer must have committed, full financing from banks. The New York Times reported Tuesday that while Dish has acquired $9.3 billion in debt from a group of banks, the company has not provided formal commitment letters.

SoftBank’s new offer would provide $16.6 billion in cash to shareholders, an increase of $4.5 billion from a prior offer. SoftBank would also invest $5 billion in Sprint in exchange for a 78 percent stake in the wireless carrier, leaving shareholders with a 22 percent stake.

BTIG analyst Walter Piecyk said SoftBank’s new offer, if approved, could cause Sprint’s stock to drop to $6.75 a share. He added that for the near-term, however, Sprint stock would probably stay at about $7 as shareholders watch for a higher bid from Dish and a response from SoftBank.

With the new offer, if the deal fails to go through, SoftBank has agreed to pay an $800 million fee, according to filings with the SEC.

Sprint and SoftBank will hold a shareholders meeting June 25. Both have said they plan to close the deal by early July.

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